Internos concludes €36.2 million of disposals for BGP Fund (DE)

Internos Real Investors LLP, the 1.5 billion owner-managed real estate fund management business, announces that it concluded two disposals in Germany for 36.2 million on behalf of BGP Investment Sarl., for which it is asset and investment manager.

The first disposal is of a portfolio of five modern retail parks in Bavaria and Rhineland-Palatinate, sold to a fund managed by Cordea Savills for a total of 17.193 million, representing a price of 1,300/m² on lettable area.

The portfolio which is 100% occupied, comprises 13,193 m² of lettable area occupied by 18 tenants with an average lease expiry of 7.5 years.

The second disposal is of a retail warehouse unit 14km north-east of Berlin which has been sold to a listed Israeli investor for 19 million, representing 1,225/m². The property comprising 15,500 m² of lettable area, is let to Selgros Cash and Carry until December 2019.

Mark Dunstan, CEO of BGP Investment commented: "We are pleased with this result. BGP's current strategy is to continue selling down quality retail assets into a rising market to maximize shareholder value."

Matt Walker, Head of Fund Management at Internos added: "BGP's German retail portfolio ranges from supermarket anchored retail parks to significant shopping centres in Bavaria, with an average occupancy of 99%. Individual assets and portfolios are being progressively released when pricing meets BGP's expectations."